Why Your Business Needs Expense Tracking Software Wednesday, November 09, 2022 | Expense Tracker

Tracking business expenditures can be a daunting task for any financial manager. Some traditional expense tracking methods, such as using pen and paper or spreadsheets, can be time-consuming and prone to errors. Any inaccuracies can be costly for business if not swiftly caught and corrected. Talygen offers online expense software that can equip your accounting team with the tools they need to execute expense-tracking protocols with confidence and efficiency. In this post, we will discuss some of the key features that make Talygen's expense tracker software essential for business.

Upload Bulk Expenses

Talygen's bulk upload feature enables financial managers to save time in expense tracking by uploading data for multiple expenses at once. Using an Excel spreadsheet, managers can input the required information for each expense entry into the spreadsheet and import the completed document into Talygen. The software pulls all pertinent information for each entry from the Excel file to populate the individual entries into its system. This process significantly reduces the time it would take for managers to manually enter data for each entry directly into the expense tracking software. Once uploaded, users can share the expenses for approval via the company’s defined approval chain.

Future Expense Entries

Another time-saving feature of Talygen’s online expense software is the ability to input future expense entries. This feature can be toggled on or off by administrators and allows associates to enter anticipated expenses for pre-approval by their managers. Administrators of the expense tracker software can configure their preferred settings for future expense entries through Talygen’s user-friendly configuration dashboard.

There are many instances where having pre-approval of future expenses can benefit business associates. For example, if an employee is traveling someplace that may have unreliable internet service to access their expense, approving their future expense entries can give them peace of mind that their business expenditures are taken care of. This peace of mind will allow them to focus on more important matters related to fulfilling their business goals.

Detailed Reports with Powerful Analytics

Talygen's expense tracker software delivers detailed reports powered by comprehensive data analytics, which enable financial managers to gain valuable insights into a company’s business expenditures. The online expense software provides users with expense and reimbursement reports that empower managers to make informed decisions regarding the financial health of their business.

Users can generate expense reports to maintain a complete record of all the expenses associated with internal or external projects. Expense reports can be shared for approval and reimbursement from the appropriate parties. Users can also upload attachments, such as receipts or invoices, to provide further clarity on the details of any business transaction.

Reimbursement reports provide information on expenditures that have previously been approved or denied. These reports include details regarding who is accountable for providing the compensation. If it is indicated that the client is responsible for reimbursement, the amount due will automatically appear on the invoices shared with them. These reports simplify the expense tracking process by automating and organizing pertinent financial data, which allows for more efficient business operations.

Mobile App for On-The-Go Expense Tracking

One feature of modern expense-tracking software which cannot be understated is mobile functionality. Talygen’s online expense software is also available as a mobile app on iOS and Android. Business managers can access their financial data and track expenses even when they are not in the office. Employees working in the field without reliable internet access can use the mobile expense tracking app to enter expense information and upload images of their relevant documents. The ability to track expenses while away from the office gives businesses an advantage in keeping employees accountable for their expenditures and maximizing savings and profits.

Conclusion

There are plenty of reasons why companies should invest in online expense software for their teams. Efficiency and accuracy are two major advantages that expense tracking software offers. Your financial managers will thank you for equipping them with tools to make their jobs easier.

If you are in the market for online expense software to elevate your team’s business operations, check out Talygen. Talygen is a leader in business management automation, delivering complete productivity suite solutions to businesses since 2009. Our team of talented and innovative developers is committed to providing business owners with the most powerful and reliable cloud-based SaaS solutions. Contact us today to find out more about our offerings!

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